Can Hackers Kill Credit Cards On The Web?

The following abridged article appeared on MSNBC.com on March 15. Links are at the end of this article so you may read the complete six-page text, if you desire. The article addresses real difficulty in our industry, and a problem which a number of companies are working to resolve.

While the opportunity for ISOs in the virtual space is great, we must all consider the questions posed by this and other articles, as well as by consumers concerned about Internet security—“Can hackers kill credit cards?”

“The best place for the card to be is to remain in the banking system,” said Gerry Gay, vice president of sales and marketing at SafeTpay.com, Inc. His company recently launched a numeric keypad/card reader that acts as a mini-ATM when attached to a personal computer. The card reader immediately encrypts PINs and card numbers and sends the data directly to banks. Merchants only receive their money and a tracking number, and the consumer’s card number is never available to the merchant or hackers.

“You eliminate another arena where the data can be compromised,” Gay said. “As things are, you’re entrusting your card data to someone who’s outside the payment system.”

Even with the increased impetus supplied by cybercrooks, smart cards or any other payment solution won’t be adopted  overnight. Old habits among banks, merchants, and consumers die hard—even if those old habits are scary and costly. “The devil you know is better than the devil you don’t know,” Gay said, describing his company’s challenge in convincing banks and merchants to support his system. To contact SafeTPay go to http://www.safetpay.net. The complete MSNBC article is located online at http://www.msnbc.com/news/ 382141.asp

Back | Next

© Copyright 1995-2000 
The Green Sheet, Inc.